CooperCompanies Announces Third Quarter 2022 Results

About this update from The Cooper Companies, Inc.

[{"type":"text","content":"SAN RAMON, Calif., Aug. 31, 2022 (GLOBE NEWSWIRE) -- CooperCompanies (NYSE: COO) today announced financial results for its fiscal third quarter ended July 31, 2022. Revenue increased 10% year-over-year to $843.4 million. CooperVision (CVI) revenue up 2% to $566.3 million, and CooperSurgical (CSI) revenue up 35% to $277.1 million.GAAP diluted earnings per share $1.98, down $10.39 from last year's third quarter.Non-GAAP diluted earnings per share $3.19, down $0.22 or 6% from last year's third quarter. See \"Reconciliation of Selected GAAP Results to Non-GAAP Results\" below. Commenting on the results, Al White, Cooper's President and CEO said, \"We delivered record revenues this quarter with CooperVision posting its sixth straight quarter of double-digit organic revenue growth, and CooperSurgical's fertility business posting its seventh straight quarter of double-digit organic revenue growth. Demand for our products and services remains very healthy and we continue executing on our strategic initiatives to drive long-term shareholder value.\" Third Quarter Operating Results Revenue of $843.4 million, up 10% from last year’s third quarter, up 18% in constant currency, up 9% organically.Gross margin of 65% compared with 68% in last year’s third quarter. On a non-GAAP basis, gross margin was 66%, down from 68% last year driven primarily by currency.Operating margin of 17% compared with 13% in last year’s third quarter. On a non-GAAP basis, operating margin was 23%, down from 27% last year driven primarily by currency and increased investments.Interest expense of $17.1 million compared with $5.6 million in last year's third quarter driven by higher average debt levels and higher interest rates.Net debt outstanding at quarter end was $2.6 billion (total debt excluding unamortized debt issuance costs less cash and cash equivalents) down $218.2 million from last quarter. Adjusted leverage ratio (net debt over adjusted EBITDA) 2.44x.Cash provided by operations of $263.9 million offset by capital expenditures of $46.6 million resulted in free cash flow of $217.3 million. Third Quarter CooperVision (CVI) Operating Results Revenue of $566.3 million, up 2% from last year’s third quarter, up 10% in constant currency, up 11% organically.Revenue by category: ConstantCurrency Organic (In millions) % chg % chg % chg 3Q22 y/y y/y y/y Toric$185.9 3%...

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